Fixed Income

BGF China Bond Fund

Overview

Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Distributions

Ex-Date Total Distribution
View full table

  2018 2019 2020 2021 2022
Total Return (%) 4.03 -6.04 -7.42

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1Y 3Y 5Y 10y Incept.
-1.74 -4.18 - - -2.03
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.53 -0.86 -0.29 -1.05 -1.74 -12.02 - - -7.88
  From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
Total Return (%)

as of Jun 30, 2023

- - 1.39 -9.25 -1.94
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in EUR hedged Share Class Benchmark performance is displayed in CNH.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Key Facts

Key Facts

Net Assets of Fund as of Sep 27, 2023 RMB 25,176,351,380
Share Class Inception Date Aug 28, 2019
Fund Inception Date Nov 11, 2011
Share Class Currency EUR
Base Currency CNH
Asset Class Fixed Income
SFDR Classification Other
Initial Charge 3.00%
Ongoing Charge 1.53%
ISIN LU2038736463
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Distribution Frequency Quarterly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGCBE5E
SEDOL BKS3NG7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Aug 31, 2023 483
12m Trailing Yield as of Aug 31, 2023 3.26%
Standard Deviation (3y) as of Aug 31, 2023 3.12%
Yield to Maturity as of Aug 31, 2023 5.97%
Modified Duration as of Aug 31, 2023 5.35 yrs
Yield to Worst as of Aug 31, 2023 6.04%
Effective Duration as of Aug 31, 2023 3.64 yrs
Weighted Avg Maturity as of Aug 31, 2023 4.92 yrs
WAL to Worst as of Aug 31, 2023 4.92 yrs

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of Aug 31, 2023 0.00%
MSCI - UN Global Compact Violators as of Aug 31, 2023 0.98%
MSCI - Nuclear Weapons as of Aug 31, 2023 0.00%
MSCI - Thermal Coal as of Aug 31, 2023 0.11%
MSCI - Civilian Firearms as of Aug 31, 2023 0.00%
MSCI - Oil Sands as of Aug 31, 2023 0.00%
MSCI - Tobacco as of Aug 31, 2023 0.00%

Business Involvement Coverage as of Aug 31, 2023 55.19%
Percentage of Fund not covered as of Aug 31, 2023 44.37%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 2.65% and for Oil Sands 0.22%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Ratings

Risk Indicator

Risk Indicator

1
2
3
4
5
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7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Aug 31, 2023
Name Weight (%)
ISHARES USD ASIA HY BOND ETF 4.24
CHINA CONSTRUCTION BANK CORP RegS 3.45 08/10/2031 1.75
BANK OF CHINA LTD RegS 4.2 09/21/2030 1.39
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.17
CHINA DEVELOPMENT BANK 2.69 06/16/2027 1.16
Name Weight (%)
INDUSTRIAL AND COMMERCIAL BANK OF 4.15 11/16/2030 1.10
AGRICULTURAL DEVELOPMENT BANK OF C 3.01 03/16/2030 1.06
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.19 04/15/2053 1.06
AGRICULTURAL DEVELOPMENT BANK OF C 2.96 04/17/2030 1.06
AGRICULTURAL DEVELOPMENT BANK OF C 2.83 08/11/2029 1.04
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Aug 31, 2023

% of Market Value

Type Fund
as of Aug 31, 2023

% of Market Value

Type Fund
as of Aug 31, 2023

% of Market Value

Type Fund
as of Aug 31, 2023

% of Market Value

Type Fund
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class E5 Hedged EUR Quarterly 7.99 0.00 0.00 Sep 27, 2023 8.34 7.99 LU2038736463
I3 USD Monthly 8.38 -0.03 -0.36 Sep 27, 2023 9.46 8.37 LU1648248299
Class E8 Hedged EUR Monthly 8.23 -0.03 -0.36 Sep 27, 2023 8.60 8.23 LU2252214130
A8 Hgd USD Monthly 9.91 -0.05 -0.50 Sep 27, 2023 10.32 9.91 LU2550100692
D2 Hgd SGD - 9.91 0.00 0.00 Sep 27, 2023 10.03 9.91 LU2631410243
Class D6 Hedged SGD Monthly 8.21 -0.03 -0.36 Sep 27, 2023 8.59 8.21 LU2325727282
Class I6 CNH Monthly 86.37 -0.39 -0.45 Sep 27, 2023 91.56 86.37 LU1940842344
Class D6 Hedged USD Monthly 8.06 -0.03 -0.37 Sep 27, 2023 8.36 8.01 LU2243824054
X2 Hgd USD - 10.20 0.00 0.00 Sep 27, 2023 10.27 9.60 LU2092937064
A2 CHF Accumulating 12.39 0.06 0.49 Sep 27, 2023 13.74 11.84 LU0969580058
A2 EUR Accumulating 12.82 0.08 0.63 Sep 27, 2023 14.36 12.30 LU2267099674
A6 Hgd NZD Monthly 7.92 -0.04 -0.50 Sep 27, 2023 8.27 7.92 LU2077746340
A2 Hgd USD Accumulating 9.90 0.00 0.00 Sep 27, 2023 9.99 9.39 LU2070343392
A8 Hgd HKD Monthly 98.91 -0.47 -0.47 Sep 27, 2023 103.43 98.91 LU2550100429
A6 Hgd CAD Monthly 7.89 -0.03 -0.38 Sep 27, 2023 8.25 7.89 LU2077746696
Class S2 Hedged USD - 9.95 0.00 0.00 Sep 27, 2023 10.04 9.95 LU2624960667
A6 Hgd GBP Monthly 7.79 -0.03 -0.38 Sep 27, 2023 8.18 7.79 LU2077746779
D2 CNH Accumulating 99.85 0.00 0.00 Sep 27, 2023 101.22 96.58 LU0827885731
X3 USD Monthly 8.55 -0.04 -0.47 Sep 27, 2023 9.65 8.55 LU2469414325
Class I6 Hedged SGD Monthly 8.24 -0.03 -0.36 Sep 27, 2023 8.61 8.24 LU2325727365
A2 Hgd SGD - 9.91 0.00 0.00 Sep 27, 2023 10.02 9.91 LU2631410169
Class S2 Hedged EUR - 9.91 0.00 0.00 Sep 27, 2023 10.02 9.91 LU2624964065
Class SR3 USD Monthly 7.69 -0.03 -0.39 Sep 27, 2023 8.68 7.68 LU2319961921
A6 Hgd EUR Monthly 7.31 -0.04 -0.54 Sep 27, 2023 7.80 7.31 LU1847653224
A6 Hgd USD Monthly 8.12 -0.03 -0.37 Sep 27, 2023 8.45 8.09 LU1847653141
D2 EUR Accumulating 12.97 0.08 0.62 Sep 27, 2023 14.48 12.43 LU2290526164
Class SR2 CNH - 95.34 0.02 0.02 Sep 27, 2023 96.58 92.13 LU2319961681
Class I5 Hedged EUR Quarterly 8.06 0.00 0.00 Sep 27, 2023 8.42 8.06 LU2298320776
Class SR2 Hedged USD - 9.45 0.00 0.00 Sep 27, 2023 9.53 8.93 LU2319962069
D2 Hgd EUR Accumulating 9.25 0.00 0.00 Sep 27, 2023 9.36 8.94 LU2112292417
Class AI2 Hedged EUR - 9.49 0.00 0.00 Sep 27, 2023 9.62 9.20 LU2131808789
E2 EUR Accumulating 15.66 0.09 0.58 Sep 27, 2023 17.63 15.04 LU0764816798
I2 EUR - 16.37 0.10 0.61 Sep 27, 2023 18.24 15.68 LU2011139461
Class SR4 Hedged GBP Annual 8.43 0.01 0.12 Sep 27, 2023 8.87 8.37 LU2319961848
A6 Hgd AUD Monthly 7.83 -0.03 -0.38 Sep 27, 2023 8.26 7.83 LU1852331039
I2 Hgd EUR - 9.29 0.00 0.00 Sep 27, 2023 9.40 8.97 LU2112292094
I2 Hgd USD - 9.85 0.00 0.00 Sep 27, 2023 9.93 9.31 LU2112291955
Class SR2 Hedged EUR - 9.04 0.00 0.00 Sep 27, 2023 9.15 8.74 LU2319961764
A6 Hgd SGD Monthly 7.99 -0.04 -0.50 Sep 27, 2023 8.41 7.99 LU1847653497
I4 Hgd GBP Annual 8.27 0.00 0.00 Sep 27, 2023 8.71 8.22 LU2112291872
E5 EUR Quarterly 9.19 0.05 0.55 Sep 27, 2023 10.70 8.90 LU2038736380
A3 CNH Monthly 63.17 -0.14 -0.22 Sep 27, 2023 66.10 63.17 LU0679941160
A3 HKD Monthly 67.52 -0.23 -0.34 Sep 27, 2023 76.44 67.52 LU0690034276
I2 USD Accumulating 17.22 -0.02 -0.12 Sep 27, 2023 18.90 16.60 LU1588882974
I2 CNH Accumulating 126.00 0.01 0.01 Sep 27, 2023 127.59 121.69 LU1574463128
A3 USD Monthly 8.63 -0.03 -0.35 Sep 27, 2023 9.75 8.63 LU0679941673
D2 Hgd USD Accumulating 9.79 0.00 0.00 Sep 27, 2023 9.87 9.27 LU2112292250
A2 USD Accumulating 13.49 -0.02 -0.15 Sep 27, 2023 14.86 13.07 LU0679941327
A2 CNH Accumulating 98.70 0.00 0.00 Sep 27, 2023 100.28 95.78 LU0679940949
C2 USD Accumulating 11.65 -0.01 -0.09 Sep 27, 2023 12.93 11.41 LU0683062482
D4 Hgd GBP Annual 8.27 0.00 0.00 Sep 27, 2023 8.70 8.22 LU2112292177
A3 SGD Monthly 11.84 0.00 0.00 Sep 27, 2023 13.25 11.76 LU2298379152
Class I6 USD Hedged USD Monthly 8.53 -0.04 -0.47 Sep 27, 2023 8.83 8.47 LU2134542930
Class SR6 Hedged USD Monthly 8.71 -0.03 -0.34 Sep 27, 2023 8.99 8.62 LU2391915761
Class SR6 Hedged HKD Monthly 85.49 -0.37 -0.43 Sep 27, 2023 89.42 85.49 LU2391915332
Class SR2 USD - 13.03 -0.01 -0.08 Sep 27, 2023 14.31 12.57 LU2391915928
A6 Hgd HKD Monthly 78.25 -0.34 -0.43 Sep 27, 2023 82.44 78.25 LU1963769176
X2 USD - 10.90 -0.01 -0.09 Sep 27, 2023 11.94 10.48 LU1733225855
E2 Hgd EUR Accumulating 9.59 0.00 0.00 Sep 27, 2023 9.75 9.34 LU0803752129
A6 CNH Monthly 85.60 -0.38 -0.44 Sep 27, 2023 91.11 85.60 LU1852330734
A2 Hgd JPY Accumulating 872.00 0.00 0.00 Sep 27, 2023 903.00 868.00 LU2367605297
D6 CNH Monthly 82.86 -0.38 -0.46 Sep 27, 2023 87.97 82.86 LU2243823916
Class SR6 Hedged EUR Monthly 8.36 -0.04 -0.48 Sep 27, 2023 8.86 8.36 LU2391915506
Class SR6 CNH Monthly 86.78 -0.37 -0.42 Sep 27, 2023 91.69 86.78 LU2391915688
Class SR6 Hedged SGD Monthly 8.61 -0.04 -0.46 Sep 27, 2023 8.99 8.61 LU2391915415
D2 USD Accumulating 13.65 -0.01 -0.07 Sep 27, 2023 15.00 13.18 LU0719319435
Class AI2 EUR - 10.23 0.06 0.59 Sep 27, 2023 11.46 9.82 LU2131808516
D3 USD Monthly 8.67 -0.03 -0.34 Sep 27, 2023 9.79 8.67 LU0683067952

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Literature

Literature